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CNBC Transcript: Warren Buffett on Squawk Box, November 14, 2011

CNBC Transcript: Warren Buffett on Squawk Box, November 14, 2011

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Published by CNBC
Transcript of Warren Buffett's three-hour long live appearance on CNBC's Squawk Box, Monday, November 14, 2011.
Among many other topics covered, Buffett revealed that Berkshire Hathaway had bought almost $11 billion worth of IBM common stock this year. He also said it is "not clear" that Europe has the will or ability to do "whatever is necessary" to fix its debt problems.
Transcript of Warren Buffett's three-hour long live appearance on CNBC's Squawk Box, Monday, November 14, 2011.
Among many other topics covered, Buffett revealed that Berkshire Hathaway had bought almost $11 billion worth of IBM common stock this year. He also said it is "not clear" that Europe has the will or ability to do "whatever is necessary" to fix its debt problems.

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Categories:Business/Law, Finance
Published by: CNBC on Nov 17, 2011
Copyright:Attribution Non-commercial

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CNBC SQUAWK BOX TRANSCRIPTMonday, November 14, 2011
 –
Page 1
This is a transcript of Warren Buffett's three-hour long live appearance on CNBC's Squawk Box, Monday, November 14, 2011.
 
 Among many other topics covered,
 that Berkshire Hathaway has bought almost $11 billion worth of IBM common stock this year. He also said it is
that Europe has the will or ability to do "whatever isnecessary" to fix its debt problems.
JOE KERNEN
: Good morning. The "full Monti." Mario Monti takes over the Italiangovernment after Silvio Berlusconi leaves to a chorus of hallelujah. Boeing lands oneof the biggest deals in aviation history. And legendary investor Warren Buffett joinsus live for the next three hours to tackle Europe, the markets, and the SuperCommittee. It's Monday, November 14th, 2011. Squawk Box begins right now.***
JOE
: Is he there with you right now?
BECKY QUICK in Omaha, Nebraska
: He is. He's sitting right here and he'slistening.
JOE
: Excellent.
WARREN BUFFETT
: What's a synonym
what's a synonym for"
"?
JOE
: Yeah.
BECKY
: What's a synonym? That's a good question.
BUFFETT
: I was thinking some other words.
JOE
: Yes. Wow, he looks
God, you look
you look
you look healthy and rosycheeks.
ANDREW ROSS ANDREW
: He looks great, doesn't he?
BECKY
: Thank you.
JOE
: It's like 5:00 or 4:00 out there, isn't it?
BECKY
: It's 5:00 out here, and we are, and we're ready to go. And we were justtalking about it and, Warren, you had your thinking cap on early this morning, right?
BUFFETT
: Been up for hours, was thinking in the bathtub.
 
 
CNBC SQUAWK BOX TRANSCRIPTMonday, November 14, 2011
 –
Page 2
BECKY
: And we know what happens when he thinks in the bathtub. The last time hedid this he came up with the 
,so, guys, we've got alot of different things we're going to be covering over the next three hours. And,Warren, you're ready to go, right?
BUFFETT
: Sure.
BECKY
: OK.
BUFFETT
: Fire away.
JOE
: Has he
has he seen pictures of (Becky's baby boy) Kyle?
BUFFETT
: I have...
BECKY
: I didn't show him any new pictures this morning, no.
JOE
: It's...
BECKY
: I haven't but I will.
JOE
: Has he taken care of college yet?
BECKY
: No, unfortunately not.
JOE
: That was a nervous laugh.
BECKY
: But I will show him some of those pictures...
JOE
: That was a nervous laugh I just heard from you. Just an idea. I mean, it's not
you know, you're doing this for us. Actually, we owe you anyway. You're right.
BECKY
: Yeah, I paid Joe to slip that in for me.
BUFFETT
: I see. OK.
JOE
: That was pretty...
BUFFETT
: Yeah.
JOE
: You know what you'll get, Becky?
BECKY
: What?
JOE
: One of those boxes of  
. 
ANDREW
: Right.
JOE
: That's what
that's usually
or a brick. That's what he sent me, a brick.
 
 
CNBC SQUAWK BOX TRANSCRIPTMonday, November 14, 2011
 –
Page 3
BUFFETT
: Yeah.
JOE
: I'm not sure what that was supposed to mean. Anyway, let's check...
BUFFETT
: Joe, you're in my will. It says, "To my friend Joe Kernen, who wanted tobe mentioned in my will: hi, Joe."
JOE
: "Hi, Joe."
ANDREW
: "Hi, Joe."
JOE
: Yeah, I'm going to use your
I already stole your epitaph, though, on thetombstone, Warren, and that is, "He lived to be really, really, really old." That's theone I'm going to use.
BUFFETT
: I like that one.
JOE
: Yeah, that's a good one. All right, we'll get back to you. Let's check on themarkets this morning.
BECKY
: Come on, we're going to play right in. We're going to jump right into thesequestions. Warren Buffett is with us for the next three hours. And, Warren, we justheard Ross talking about the situation in Europe. That's been driving the markets forquite a while at this point, and a lot of people feel better now that they see 
 in (Italy) and 
 in Greece. Do you feel better about thesituation at this point?
BUFFETT
: Well, I feel better about those 
,but they have asituation that
where they found a
kind of a fundamental flaw, which is that theycan't print money. And when you have a loss of confidence, that begins a run, whichhas occurred to some degree on both sovereign debt and banks over there. Andit's
in 2008 we had our own run in the United States, and it took
it took the fullpower of the United States and some very strong action. The ability
or the belief that the authorities would do whatever it took, and we did believe that, and it led usout. But it's not clear who can say, 'We'll do whatever it takes,' over there and thatthey've got the ability to do whatever it takes. It's going to have to become muchmore clear as to
as to who can do what and that they will do it, that
they needboth the will and the ability.
BECKY
: (German Chancellor) 
 is already pushing for reforms to theEU to deal with exactly that problem. She's hoping to get changes in place and votedon by all the countries that are involved by next year some time. Short of that, doyou worry what happens to the euro?
BUFFETT
: Yeah, well, runs don't necessarily
markets are stronger than everything.I mean, when you
we've seen that time after time. And used to be when you had arun on banks, you know, that the tellers started paying out slowly and they piled upgold in the teller window. But now you do it electronically and, in effect, just by not

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